Philippines SEC Plans to Regulate Cryptocurrencies, ICOs

[anushkasachith888]

The Philippines’ Securities and Exchange Commission said on Monday it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.

The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalized this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection, according to Reuters.>>> Link for the source https://t.co/QnDpl32hXo

[charlotte04]

The Philippines’ Securities and Exchange Commission said on Monday it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.

The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalized this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection, according to Reuters.>>> Link for the source https://t.co/QnDpl32hXo

I hope they would just regulate and would not come to the time that they will ban it for good, this is the only way I could live my life and it is through gaining such high amount of money from cryptocurrencies.

[Doell]

It's good news that the government approves the cryptocurrency of the country by improving it and will manage it , protecting investors with sophisticated security systems and there must be new products to improve the crypto security in the country either from internet connection may not be hacked or hardware locks , I will see its development hoping the best for the advancement of crypto in the country

[PatyZante]

That's good news that they have clear plans on regulating cryptocurrency transactions, at least they will just have clear policies and regulation on it not ban it. I just hope this is really to protect investors and avoid scammers or fraud and not a way for their corruption.

[kwabeedat]

The Philippines’ Securities and Exchange Commission said on Monday it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.

The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalized this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection, according to Reuters.>>> Link for the source https://t.co/QnDpl32hXo

I hope they would just regulate and would not come to the time that they will ban it for good, this is the only way I could live my life and it is through gaining such high amount of money from cryptocurrencies.

Yeah!! I hope same as well but one thing I have realized is that, crypto won't get banned. It will just be regulations upon regulations so a s to make it inconvenient(many thanks to spammers ) for us but for banning totally, I'm not sure it's goin to happen

[Shiversnow]

That's good news that they have clear plans on regulating cryptocurrency transactions, at least they will just have clear policies and regulation on it not ban it. I just hope this is really to protect investors and avoid scammers or fraud and not a way for their corruption.

That's the good news for all filipino bitcoiner. The Securities  Exchange Commission they want to protect the investors from scammers. The goverment have clear plans to regulate the bitcoins here in the Philippines. I'm so glad they not ban bitcoin but instead they have clear policies to protect the investors.

[nelson4lov]

That's good news that they have clear plans on regulating cryptocurrency transactions, at least they will just have clear policies and regulation on it not ban it. I just hope this is really to protect investors and avoid scammers or fraud and not a way for their corruption.

That's the good news for all filipino bitcoiner. The Securities  Exchange Commission they want to protect the investors from scammers. The goverment have clear plans to regulate the bitcoins here in the Philippines. I'm so glad they not bitcoin but instead they have clear policies to protect the investors.

There are two ways to it. It could also mean bad news. Phillipines citizens might start being treated like the average US investor who are prohibited to participate from almost all ICOs currently available. So don't be too happy about it. The policies might be even more stricter.

[cellard]

You can thank mostly to all the idiots that bought obvious scams and got their life savings took away from them because they listened to the advice of some 17 year old on the internet with a youtube channel (real history, for example, all the idiots that lost a lot of money thanks to buying Bitconnect because "CryptoNick", a 17 year old youtuber, was pumping Bitconnect daily, among others).

The question is: Should the state protect idiots from scammers by ruining the free flow of money and therefore making things harder for legit projects? or does this more harm than good because eventually idiots will always lose their money to scams no matter what? where do you draw a line?

[EtherSportz]

This was inevitable. Expect more and more countries to start coming on board. In the short term it'll probably mean that some ICOs panic, some token holders freak out and lose some money, but in the long term it should prove to be a good thing. There are way too many ICO's that really are straight up scams.

[foxbat]

This is a good example of how the government accepts Bitcoin and makes it grow. They improve it and make it safer and more suitable for users of their country. In addition, despite being restricted and losing the negative, crypto participants have to register, but I still think it is not completely transparent and clear.

[avikz]

The Philippines’ Securities and Exchange Commission said on Monday it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.

The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalized this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection, according to Reuters.>>> Link for the source https://t.co/QnDpl32hXo

I wholeheartedly welcome this news! ICOs need strict regulations so that investor's money can be protected. In the last year, we have came across a lot of ICO who have either ran away with the investor's money or have never turned up with the promised product. In both, only sufferers were the investors. A lot of people lost huge amounts of money in to these ICOs.

If Philippines government can provide a regulatory framework for Cryptocurrency and especially for the ICOs, it will bring back the positivity in the market. Investor's interest will be safeguarded. Also it will serve as a reference document for other countries who are willing to bring the same change for their citizens. An welcoming step indeed!

[yoseph]

That's good news that they have clear plans on regulating cryptocurrency transactions, at least they will just have clear policies and regulation on it not ban it. I just hope this is really to protect investors and avoid scammers or fraud and not a way for their corruption.

The central bank in my country just banned bitcoins because they claim that they dont have any laws to regulate it, Instead of making the laws regarding regulations they are just too lazy and decided to simply ban it.

[Tambu]

The Philippines’ Securities and Exchange Commission said on Monday it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.

The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalized this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection, according to Reuters.>>> Link for the source https://t.co/QnDpl32hXo

Somehow this is good news but what are the actions or road plans of SEC to reduce fraud? This could be really protect the investors or limits the investors to invest on some cryptocurrency.

[Freddyclose]

it's not a bad thing that ICOs are regulated, it's even a very good news

[jpespa]

It's good that the government is actually working towards welcoming ICOs, unlike other countries that banned it. If ICOs have the help of government, then both people and country will benefit from it as long as the rules and regulations are balanced.

[Gotumoot]

The Philippines’ Securities and Exchange Commission said on Monday it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.

The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalized this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection, according to Reuters.>>> Link for the source https://t.co/QnDpl32hXo

Wow thats good , I am from phillipines so hoping and looking forward , as a investors too I like actually "we like" to sure that were protected , this will help our country , despite the banning of different ICO's in different places around the globe. So yep looking forward

[EtherSportz]

In the future we may see a lot more regulation or were potentially every token will need to be registered as a security or possible that all exchanges must follow the same requirements / rules of for example the stock exchange or a Forex exchange. There are a lot of ways to still hold an ICO moving forward if they fall within the guidelines of traditional capital raising within a Countries guidelines for example possible using a private placement memorandum and SAFT (Simple Aggreement for Future Tokens).

[gambitcoin53]

I dont know if this is really a good thing, after regulating bitcoin, what's next? taxing it? because they will know bitcoin trading brings a lot of money to holders and traders, soon they will require identification of bitcoin users in your country then that's it, it will only be just an ordinary trading just like dollar and foreign currency tradings, where they limit the quantity of currency to protect against money laundering. it is still uncertain what would this step will bring us. let us keep our fingers crossed. hopefully beneficial to us.

[ASHLIUSZ]

From several posts it's is clear that none has mentioned it to be a positive sign from the government of Philippines to support growth of cryptocurrency. Similar way recently Indonesia gained more support from government as well public and all of a sudden regulations were made, which is completely insane.

[acell101]

Well, that's good.. Philippine government was just concerned of its people who invest in Bitcon. They are open minded about bitcoin not because they don't totally knew it..doesnt mean illegal. It is their job to protect their people so let us let them do their job.Regulating is good than banning.